The new party formed by former People Power Party(PPP) chair Lee Jun-seok and the Hope of Korea Party led by Rep. Yang Hyang-ja announced their official merger on Monday.

Lee will chair the joint coalition party, while Yang will be the floor leader of the party whose name translates roughly to the “New Reform Party” with the slogan “Hope of Korea.”

The new party’s secretary general, Kim Chul-geun, said its supreme committee will consist of an equal number of members from each party.

He added that the national convention will be held within the 60 days following the April general election.